Appraisals; Adjusted Value. (a) At Agent’s request or, at the request of the Required Lenders, option to be exercised not more frequently than annually, the Agent may on behalf of the Lenders obtain current Appraisals of each of the Pool Properties. In any such case, said Appraisals will be ordered by Agent and reviewed and approved by the appraisal department of the Agent, in order to determine the current Appraised Value of the Pool Properties, and the Borrower shall pay to Agent within ten (10) days of demand all reasonable costs of such Appraisals.
Appraisals; Adjusted Value. (a) In the event that Borrower elects to extend the Maturity Date as provided in §2.11, then the Agent may on behalf of the Lenders (either in connection with any such extension or at any time thereafter) obtain a current Appraisal or an updated Appraisal of the Mortgaged Properties. Said Appraisal will be ordered by Agent and reviewed and approved by the appraisal department of the Agent, in order to determine the current Appraised Value of the Mortgaged Properties, and the Borrower shall pay to Agent within fifteen (15) days of demand all reasonable costs of such Appraisal.
Appraisals; Adjusted Value. (a) The Appraised Value for the Borrowing Base as of the date hereof shall be as set forth on Schedule 1.2 hereto. With respect to Land Assets, the Adjusted Value may be determined as provided herein on a per lot or per acre basis and then multiplied by the number of lots or acres.
Appraisals; Adjusted Value. (a) The Agent may, for the purpose of determining the current Appraised Value of the Collateral Properties, obtain new Appraisals or an update to existing Appraisals with respect to such Collateral Property, or any of them, as the Agent shall determine (i) in connection with the acceptance of such Real Estate as a Collateral Property, (ii) no more frequently than once every twenty four (24) months (provided at all times the most recent Appraisal for each Collateral Property shall be no more than twenty four (24) months old), (iii) in connection with any requested extension of the Maturity Date, or (iv) at any time while an Event of Default is in existence. The reasonable expense of such Appraisals and/or updates performed pursuant to this §5.2(a) shall be borne by the Borrowers and payable to Agent within ten (10) days of demand.
Appraisals; Adjusted Value. (a) Upon Borrowers’ request, which request may not be made more often than one (1) time annually, Agent shall obtain current Appraisals of each of the Mortgaged Properties. Additionally, in the event that Borrowers elect to extend the Revolving Credit Maturity Date as provided in §2.12 or at Agent’s option, or at the direction of the Required Lenders, to be exercised not more frequently than annually, or to the extent requested by Borrowers, the Agent may obtain current Appraisals of each of the Mortgaged Properties. In any such case, such Appraisals will be ordered by Agent in order to determine the current Appraised Value of the Mortgaged Properties and other Real Estate, as applicable, and the Borrowers shall pay to Agent within thirty (30) days of demand all reasonable out-of-pocket costs of such Appraisals.
Appraisals; Adjusted Value. (a) The Agent may or shall, for the purpose of determining the current Appraised Value of the Collateral Properties, obtain new Appraisals or an update to existing Appraisals with respect to such property, or any of them, as the Agent shall reasonably determine or if directed by the Required Lenders in their reasonably discretion: (i) in connection with the acceptance of such Real Estate as a Collateral Property, (ii) once during the initial term of the Loan unless an Event of Default shall be in existence and continuing, (iii) in connection with any requested extension of the Maturity Date, (iv) if requested by Borrower, or (v) at any time while an Event of Default is in existence and continuing. The reasonable and actual expense of such Appraisals and/or updates performed pursuant to this §5.2(a) shall be borne by Borrower and payable to Agent within ten (10) days of written demand. Additionally, the Agent may, and shall if directed by the Required Lenders, obtain such other Appraisals of the Collateral Properties at such time as they may so reasonably determine, at the sole expense of the Lenders.
Appraisals; Adjusted Value. (a) The Agent may, for the purpose of determining the current Appraised Value of the Mortgaged Properties and other Real Estate, as applicable, obtain new Appraisals or an update to existing Appraisals with respect to such property, or any of them, as the Agent shall determine (i) at any time that the regulatory requirements of any Lender generally applicable to real estate loans of the category made under this Agreement as reasonably interpreted by such Lender shall explicitly require more frequent Appraisals, (ii) in connection with a request for an extension of the Maturity Date pursuant to §2.7, or (iii) at any time during the continuance of an Event of Default. The reasonable out-of-pocket expense of such Appraisals and/or updates performed pursuant to this §5.2(b) shall be borne by the Borrower and payable to Agent within thirty (30) days of demand; provided, that unless an Event of Default shall be in existence, the Borrower shall not be required to pay for more than one (1) appraisal per property per calendar year.
Appraisals; Adjusted Value. (a) The Agent may, for the purpose of determining the current Appraised Value of the Collateral Properties, obtain new Appraisals or an update to existing Appraisals with respect to such property, or any of them, as the Agent shall determine (i) in connection with the acceptance of such Real Estate as a Collateral Property, (ii) once annually unless an Event of Default shall be in existence, (iii) in connection with any requested extension of the Maturity Date, or (iv) at any time while an Event of Default is in existence. The reasonable expense of such Appraisals and/or updates performed pursuant to this §5.2(a) shall be borne by the Borrowers and payable to Agent within ten (10) days of demand.
Appraisals; Adjusted Value. (a) Upon Borrower’s request, which request may not be made more often than one (1) time in any period of 365 days, Agent shall obtain current Appraisals of each of the Mortgaged Properties. Additionally, in the event that Borrower elects to extend the Maturity Date as provided in §2.11, then the Agent may on behalf of the Lenders (either in connection with any such extension or at any time thereafter) obtain current Appraisals of each of the Mortgaged Properties. In any such case, said Appraisals will be ordered by Agent and reviewed and approved by the appraisal department of the Agent, in order to determine the current Appraised Value of the Mortgaged Properties, and the Borrower shall pay to Agent within fifteen (15) Business Days of demand all reasonable costs of such Appraisals.
Appraisals; Adjusted Value. (a) In the event that Borrowers elect to extend the Maturity Date as provided in §2.12, at Agent’s option, or at the direction of the Required Lenders, the Agent may, on behalf of the Lenders, obtain current Appraisals of each of the Collateral Properties. In any such case, such Appraisals will be ordered by Agent and reviewed and approved by the appraisal department of the Agent and Required Lenders, in their reasonable discretion, in order to determine the current Appraised Value of the Collateral Properties, and the Borrowers shall pay to Agent within ten (10) Business Days of demand (but no later than the then applicable Maturity Date) all reasonable and documented costs of such Appraisals.
